‘Pay up’ is Housing Admin.’s new message

If you’re considering buying a house with a Federal Housing Administration mortgage and expect the seller to help out with your closing costs, here’s a heads-up: FHA plans to impose significant restrictions on the amount of money sellers can contribute at settlements in the near future. On top of that, FHA also will be raising its mortgage-insurance premiums during the coming weeks, increasing charges for new purchasers across the board. More

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